Rhode Island Business Plan Competition Announces 2016 Winners
Thursday, May 05, 2016
“The judges had a special challenge this year selecting the winners, as all the finalists have exceptional promise. They're addressing problems that will enable them to build scalable businesses that serve large markets well beyond the state, and we look forward to helping them grow,” said Competition Co-chair Peggy Farrell, partner in the law of firm of Hinckley Allen.
Winners were announced at a public event on Tuesday at the Chace Center at the Rhode Island School of Design Museum in Providence.
Response Technologies, led by Cumberland's Ed Bard and Westport's Dave Pettey, were named the Entrepreneur Track Winner and was named top winner in this year's competition.
"Rhode Island is well positioned for Response Technologies. We are collaborating with the Naval Undersea Warfare Center in Newport, nearby Natick Soldier Center in Massachusetts, and Sikorsky in Connecticut. Our advanced processes will require talent from Rhode Island's textile and chemistry base, and our 3-D textile process will benefit from RISD design graduates," said Bard.
The company received $67,100 in prizes – $15,000 in cash and $32,100 in professional and consulting services as the Entrepreneur Track winner, as well as $20,000 bonus cash award.
The company was awarded $15,000 in cash and $31,650 in professional and consulting services.
The MedTech award winner went to Neurocurious, led by Kurt Spindler of Providence. The company is developing a computer vision algorithm to automate collection of rodent behavior data, aims at reducing costs related to this component of pharmaceutical R&D.
The company received $10,000 in cash and $49,150 in professional and consulting services.
In addition to the winners, there were four finalists. Finalists in both tracks received $5,000 in cash, along with services valued at $8,350.
Finalists in the Entrepreneur Track were:
Neurotecnix proposed a electroencephalography system for non-invasive recording of brain activity with software, which objectively measures and localizes pain. Principal applicant: Adam Nitenson, Providence.
XactSense has created a drone-based hardware-software system to survey and inspect hard-to-reach infrastructure components at significantly lower cost and time than traditional methods permit. Principal applicant: Andy Trench, Warwick.
Finalists in the student track were:
Farmer Willie's is developing a gluten-free, craft beer that serves the niche ginger beer market. Principal applicant: Nicolas Enriquez, Brown University.
Vinespect is developing a handheld optical tester that instantaneously and non-destructively determines sugar, pH, and acidity of on-vine grapes, allowing viticulturists to make more frequent field measurements. Principal applicant: Richard McDonald, Brown University.
This Year's Competition
Overall, this year's competition saw a total of 79 applications received. In order to be eligible to win prizes, applicants agreed to establish or continue business operations in Rhode Island.
The competition was established in 2000, and supports businesses that have potential to grow and create jobs in Rhode Island.
To date, the competition has awarded more than $2 million in prizes and today over 35 companies employing about 300 people currently operate.
This is the 13th time in which the competition has been held, annually since 2006.
The competition is free and open to everyone age 18 or over.
Related Slideshow: RI Business Rankings in US
See how Rhode Island stacked up.
Rhode Island has 2015's eighth highest insurance premium penalties for high risk drivers, according to a WalletHub report.
Rhode Island ranks fifth overall in the category of speeding over 20 mph annual premium increase at $482. While ranking third overall in the category of 2 accidents annual premium increase at $2,721.
Rhode Island ranks ninth overall under the reckless driving annual premium increase at $749.
Rhode Island has been ranked as the 8th most eco-friendly state in the country, according to a recent study by WalletHub.
Rhode Island ranks third in environmental quality and 16th in Eco-Friendly Behaviors Ran landing them in 8th overall.
RI is behind Washington and New Hampshire who are in the six and seven spots respectively, and in front of Connecticut and Hawaii who come in at the nine and ten spot.
Rhode Island is 2015's 4th Worst State to be a taxpayer, according to a recent WalletHub report.
Rhode Island ranks 48th of 51 with an average state and local tax price of $7,159 which is good for a 27% difference from the national average.
The states that are directly behind Rhode Island are Wisconsin at $7,159, Nebraska at $7,298 and Illinois at $7,719 for a 37% difference from the national average.
Rhode Island has the highest vehicle property taxes in the country, paying an average of $1,133 according to a report from WalletHub.
Virginia and Kansas are the two states just ahead of Rhode Island in the 49 and 50 spots, paying $962 and $905 respectively.
RI also ranks 42nd in average real estate tax, paying an average of $2,779, according to the WalletHub report.
WalletHub has ranked Rhode Island as the 7th worst state to be rich in in a recent in depth analysis of 2015's Best States to be Rich or Poor From a Tax Perspective.
On a scale with 1 being the best, and 25 being average, Rhode Island ranks 37th in low income earners, 42 in middle income earners and 45th in high income earners.
To see the full report, click here.
Providence-metro ranks at the bottom for job creation in 2014
Rhode Island has been ranked amongst the worst in job creation, according to a recent survey done by Gallup.
Gallup gives the Prov-metro area an index score of 23, the lowest score is the New York- New Jersey area with 20.
Salt Lake City, Utah and Austin-round Rock, Texas rank the highest with a score of 37.
The 2014 state rankings by Forbes has just been released and Rhode Island moved up two spots from #48 in 2013 to #46 in 2014.
What does Forbes say about RI's business environment"
After Michigan and Illinois, Rhode Island has experienced the third worst net migration out of its state in the country over the past five years. With a recent unemployment rate of 7.6%—lower than only Georgia and Mississippi—residents are leaving the state in search of jobs. Rhode Island has been stuck in the bottom five overall for six straight years. One plus: labor costs are 5% below the national average, which stands out in the expensive Northeast.
Findings from The State Business Tax Climate Index were released this morning by Tax Foundation which found Rhode Island to have the 45th best tax climate for businesses for 2015. The state's rank has not changed since last year after The Index analyzed 100 different tax variables in multiple categories.
Providence is the second worst city in America for small business, according to a new survey conducted by Thumbtack.com and the Kauffman Foundation.
More than 12,000 small businesses in 82 cities across the country participate in the survey. Providence received an overall "F" grade for small business friendliness.
Small Business Friendliness Grade: F
The Economist grades states on an A+ to F grading scale for its small business climate. Rhode Island is one of just 6 states to earn an "F" grade.
Overbearing bureaucracy and excessive licensing is stifling small business in America.
Forbes ranks each state in business costs, economic climate, and growth prospects. RI is third worst in 2013.
The most damning in the commentary:
After Michigan, Rhode Island has experienced the second worst net migration in the country over the past five years.
ChiefExecutive.net ranks each state in taxations and regulations, workforce quality, and living environment.
The most damning in the commentary:
Sky-high unemployment rate bespeaks continuing terrible business climate.
#46 Tax Foundation
Tax Foundation ranks each state in corporate tax rank, sales tax rank, and unemployment insurance tax rank.
Rhode Island and the other states in the bottom ten suffer from the same afflictions: complex, non-neutral taxes with comparatively high rates.
ALEC ranks each state in economic performance and outlook.
Although Rhode Island ranked low in economic performance, a forward-looking forecast is based on the state’s standing in 15 important state policy variables. Some of these variables include top marginal personal income tax rate and sales tax burden.
#47 Free Enterprise
Free Enterprise ranks each state in performance, exports, innovation + entrepreneurship, business climate, talent pipeline, infrastructure.
Rhode Island has continued to feel the direct impact and ripples from the recent recession—it ranks 47th overall in economic performance. However, positive rankings of 15th in talent pipeline and 16th in innovation and entrepreneurship suggest the existence of a foundation on which to build the future.
The Pew Charitable Trusts
#40 The Pew Charitable Trusts
The Pew Charitable Trusts ranks each state in job growth and job creation.
Rhode Island added 6,223 jobs in 2014.
10th Worst in Gallup's Annual Ranking of State Job Markets 2014
Rhode Island has been ranked 10th worst for job creation in Gallup's annual ranking of state job markets in 2014 with a job creation index number of 21
Rhode Island is one of two (Connecticut) states to rank in the bottom ten each year since 2008.
The 2014 State level findings have were drawn from 201,254 interviews with employed adults across the nation.
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